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MINUTES <br />CITY COUNCIL <br />November 8, 1989 <br />PUBLIC The Mayor opened the public hearing to consider the <br />HEARING establishment of an Economio Development Authority <br />ECONOMIC within the City. <br />DEVELOPMENT <br />AUTHORITY Fahey asked if there was anyone from the general public <br />present wishing to comment on this matter. There was <br />not and upon motion by Fahey, seconded by Collova, the <br />public hearing was closed. <br />Brad Farnham, Juran & Moody, submitted to the Council <br />for action an enabling resolution that would establish <br />an Economic Development Authority within the City. <br />Fahey asked the timeframe before the Authority would be <br />in a position to issue bonds to finance the <br />construction of a new fire hall. <br />Farnham reported that there are documents that need to <br />be drafted detailing the power and authority of the <br />EDA, and he is suggesting that the Mayor and new City <br />Administrator work with him and Briggs and Morgan <br />during a drafting session on these documents. Once <br />these documents are finalized, it would be early or the <br />middle of January when an bond could be issued. <br />Farnham reported that the Legislature will be going <br />into session on February 15th, and it is important that <br />the bond be issued before that date. <br />Fahey reported that if the Council is agreeable, he and <br />the Administrator will work with Juran & Moody and <br />Briggs & Morgan and will present the final documents to <br />the Council for approval. <br />Collova asked the latest date that a purchase agreement <br />should be in place for the new Fire Department site. <br />Farnham replied that the purchase agreement could be <br />negotiated now or as late as Spring of 1990. However, <br />the EDA bonds will have to be closed on by February <br />15th. <br />Page 2 <br />